Ichimoku Cloud Analysis 28.07.2021 (GBPUSD, BRENT, USDCAD)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3878; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.3785 and then resume moving upwards to reach 1.4065. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.3625. In this case, the pair may continue falling towards 1.3535. To confirm further growth, the asset must break the resistance level and fix above 1.3915.

BRENT

Brent is trading at 74.42; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may the cloud’s upside border at 71.85 and then resume moving upwards to reach 79.35. Another signal in favor of a further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 69.45. In this case, the pair may continue falling towards 66.35. To confirm further growth, the asset must break the resistance level and fix above 77.05, thus indicating a breakout of the neckline of a Head & Shoulders reversal pattern.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2577; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2610 and then resume moving downwards to reach 1.2255. Another signal in favor of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2700. In this case, the pair may continue growing towards 1.2815. To confirm further decline, the asset must break the rising channel’s downsides border and fix below 1.2495.

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.